Rapyd Monetary Community is seeking to elevate $300 million in a brand new funding spherical that might worth the worldwide funds platform at $3.5 billion, a substantial lower from its approximately $9 billion valuation set in 2021, according to Bloomberg.

The London-based firm presents a variety of monetary providers like funds, cell wallets, cash transfers, card issuing, and fraud safety, that are accessible to 3rd events by way of an API.

Rapyd plans to make use of the funding to purchase a cost processing startup. The 9-year-old firm has been on an acquisition streak, not too long ago including 4 corporations, together with Iceland-based funds startup Valitor for $100 million in 2022.  It additionally paid $610 million for models of the worldwide funds platform PayU for $610 million in 2023.

In 2023, Rapyd CEO and co-founder Arik Shtilman told TechCrunch that the corporate was “in [the] closing phases of closing a brand new financing spherical of $700 million.” The corporate didn’t publicly report the financing spherical, making it unclear whether or not that funding was secured and, in that case, at what valuation.

That 12 months, Rapyd’s competitor, the funds big Stripe, was pressured to lift capital at a $50 billion valuation, down from its peak value of $95 billion.

Ought to Rapyd full this elevate at a decrease valuation from its peak, it will have loads of firm. Along with Stripe, many startups have raised capital at decrease valuations than their earlier financings, referred to as a down round.

It’s because valuations had been excessively excessive during the VC funding frenzy of 2020 and 2021. Flat or down rounds hit a decade excessive, making up 27% of all offers within the first 9 months of 2024, in keeping with PitchBook knowledge.

The corporate’s backers embody Coatue, Oak HC/FT, Goal International, and Tiger International Administration. Rapyd didn’t instantly reply to a request for remark.